Ovintiv (NYSE:OVV) Upgraded at TD Cowen

TD Cowen upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

A number of other analysts have also issued reports on OVV. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a research report on Saturday, January 17th. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. William Blair began coverage on shares of Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, Scotiabank upped their target price on shares of Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $51.06.

Ovintiv Stock Up 2.4%

OVV stock opened at $47.76 on Monday. Ovintiv has a one year low of $29.80 and a one year high of $48.17. The firm has a market cap of $12.09 billion, a PE ratio of 52.48, a PEG ratio of 2.61 and a beta of 0.78. The firm’s 50 day moving average price is $40.75 and its 200-day moving average price is $40.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45.

Insider Buying and Selling

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.70% of the stock is owned by company insiders.

Institutional Trading of Ovintiv

A number of institutional investors have recently bought and sold shares of the business. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv during the 3rd quarter worth about $31,000. IFP Advisors Inc lifted its position in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after buying an additional 643 shares during the last quarter. HM Payson & Co. acquired a new position in shares of Ovintiv in the 3rd quarter valued at $36,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv in the 3rd quarter valued at $36,000. Finally, Quent Capital LLC acquired a new stake in Ovintiv during the 3rd quarter worth $37,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.